Milliman is a leader in addressing regulatory reporting changes like Solvency II and IFRS 17. We assist with implementation, consistently refining methodologies and models to align with market experience and regulatory needs.

Supervisory topics

We stay informed about European and local supervisory matters and help you respond effectively. For example, the European Commission approved the negotiating mandate for the Insurance Recovery and Resolution Directive (IRRD) in 2022. Most European insurers will need a pre-emptive recovery plan by the end of 2024.

Solvency II 2020 review

We track the latest Solvency II 2020 review developments and provide updates through our Insight channel.

DNB supervisory topics

We monitor De Nederlandsche Bank (DNB) supervisory topics and assist clients in addressing them. In recent years, we have helped clients respond to issues such as disability contract boundaries and expense modelling questions.

DNB’s 2023 focus areas include interest rates, inflation, sustainability, cyber resilience, and the risk margin. Additionally, DNB will consider the impact of the Future Pensions Act on insurers. Milliman is here to support you in addressing these topics.

Milliman brings extensive experience to consulting on the three pillars of Solvency II. We have particular strengths in the modelling complexities of Pillar I and the multiyear capital and balance sheet projections required for Pillar II ORSA.

Additional services related to Solvency II include:

• Methodology development and implementation
• (Internal) Model development and validation
• Internal Model Application Process (IMAP)
• Data quality
• ORSA modelling and business and risk integration
• Actuarial Function Holder
• Model validation
• Reporting and analysis streamlining
• Quarterly Reporting Templates (QRTs)

Starting in 2023, insurance companies reporting under IFRS must comply with the IFRS 17 Standard. This new framework presents several challenges, including tight reporting deadlines, alignment with Solvency II, and defining and managing key metrics.

Milliman actively assists Benelux clients with IFRS 17 through methodology development and implementation support. With our deep understanding of IFRS 17 and Solvency II, Milliman is ideally positioned to help you with strategic balance sheet management topics.

Milliman’s extensive experience in the Benelux insurance M&A sector sets us apart. We offer invaluable insights on pricing, transaction potential, advanced modelling, and post-deal capabilities. Our consultants provide flexible support for buyers and sellers, with real-world experience in the complexities of M&A projects and the actuarial and financial risk guidance that drives success.

Seller Support

During the preparatory phase, we assist with information memorandum preparation, valuation of existing and new business, portfolio and model adjustments, and strategic presentation decisions. In the M&A phase, we contribute to discussions with potential buyers and provide support during technical sessions.

Buyer Support

We conduct due diligence by identifying opportunities and risks, performing in-depth analysis, leading expert sessions, and presenting results for informed decision-making. Post-deal integration involves regulatory communication, entanglement process support, and integration of insurance portfolios along with valuation and capital models.

Acquisition

After the contract is signed, Milliman aids in regulatory communication, securing formal sale approval, and the seller’s entanglement process. We help buyers integrate acquired portfolios or insurance entities, focusing on policies, claims, valuation, and capital models. Our experience in capital model integration ensures a successful acquisition and seamless incorporation into your risk management and reporting framework.

In an interconnected world with evolving risks, insurers play a crucial role in helping society navigate challenges. Effects of climate change, such as extreme weather events, can significantly affect insurers. Milliman assists you in understanding portfolio risks, anticipating future changes, and incorporating these topics in the ORSA and other reports.

Cybercrime costs are rising due to advancing technology and the presence of valuable, sensitive data. Milliman works globally to employ cutting-edge technology, develop rapid response solutions, and create efficient risk management approaches. In the Benelux countries, we assist in developing cyber risk insurance products and help you understand, monitor, and manage these risks effectively.

To achieve accurate financial projections and reporting, sophisticated modelling tools and regulatory expertise are essential. Milliman designs customized valuation and projection tools to assess the impact of changes on reserves and capital, enabling strategic decision-making based on high-quality projections.

Milliman’s experience spans open-source software and various market-available solutions. Our independence from specific software solutions allows us to support you in software selection and implementation processes effectively.

Solvency II mandates insurers to appoint an Actuarial Function and a Risk Management Function. Many insurers face resource constraints in fulfilling these roles without conflicts of interest. Milliman offers support by collaborating with your team or providing end-to-end services, ensuring independence and eliminating conflicts of interest.

Milliman leads in creating analytics solutions to enhance decision-making, risk management, predictive accuracy, and task automation. Using advanced cloud technology and statistical approaches, we uncover valuable insights. Our Benelux team focuses on Data Science & AI capabilities and solutions. Learn more.

Milliman Benelux Insurance & Financial Risk Consulting assists in selecting and implementing modern technology. Our independence from specific tools and other Milliman practices ensures unbiased support.

To learn more about Milliman software solutions, visit the product page, or contact us.

Milliman assists self-insureds, captive insurers, and risk pools with reserving analyses, risk retention alternatives, pricing, funding, financial modelling, and claims management. Our expertise covers the full spectrum of actuarial and financial risk services for captives, including local GAAP and Solvency II reporting and Actuarial Function Holder roles.

Employee Benefits and Captives

We can support the incorporation of global employee benefits packages into reinsurance captives. We assist in setting up or expanding captives, regulatory reporting, and improving data flows once operational.